Key Highlights:
- ๐ Bitcoin ETF on the Horizon? SEC, BlackRock, and Nasdaq’s pivotal talks spark hope for crypto enthusiasts. ๐
- ๐ค Major Step for Crypto? Potential SEC approval of a spot Bitcoin ETF could be a game-changer in U.S. markets. ๐ผ
- ๐ Crypto Mainstream Adoption? SEC’s decision on Bitcoin ETF eagerly awaited as a significant milestone for the industry. ๐ก
๐ In a pivotal meeting on Nov. 20, the U.S. Securities and Exchange Commission (SEC) sat down with representatives from BlackRock and Nasdaq to explore the listing of a groundbreaking spot Bitcoin exchange-traded fund (ETF).
Looks like @BlackRock also met with SEC! Thereโs a couple slides in relation to in-kind vs cash creation. Based on this it looks like BlackRock prefers in-kind for their #bitcoin ETF (makes sense as its probably cleanest structure for them & end investors)
— James Seyffart (@JSeyff) November 22, 2023
h/t @btcNLNico https://t.co/AK0XspL4zJ pic.twitter.com/eeuUT9T5mn
๐ BlackRock’s Bitcoin Trust Models
According to an SEC memo, BlackRock outlined potential models for its iShares Bitcoin Trust, debating between in-kind and in-cash redemptions. The SEC’s response remains unclear, fueling speculation on their stance towards a spot BTC ETFโa decision eagerly anticipated by the crypto community ๐ค.
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๐ Gensler’s Viewpoint
The meeting comes amidst varying opinions and a backdrop of delays and rejections. A 2019 video of SEC chair Gary Gensler highlighted the commission’s inconsistent treatment of spot BTC products, raising questions about their forthcoming decision ๐๏ธ.
๐ The Ripple Effect
The discussion is crucial as many firms, including Fidelity and WisdomTree, await the SEC’s verdict on their spot crypto ETF applications. A positive nod could mark a significant leap in mainstream crypto adoption ๐.
๐ฅ Crypto Card
๐ฌ Industry Forecast
“This meeting could be a turning point for crypto ETFs,” says an industry expert. “Approval of a spot BTC ETF on U.S. markets would be a monumental step for the industry.”
Source: Bitcoin chart
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FAQ
Most frequent questions and answers
The primary focus was the potential listing of a spot Bitcoin exchange-traded fund (ETF) on U.S. markets.
BlackRock presented two models: an in-kind redemption model and an in-cash redemption model for their Bitcoin Trust.
As of now, the SEC’s response to BlackRock’s proposed models is unclear, and they have not publicly indicated a preference or decision.
Yes, several other firms, including Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise, have spot crypto ETF applications pending with the SEC.